SINGAPORE (Sept 18): F&B group Envictus International Holdings is selling all six of its Texas Chicken outlets in Indonesia at a loss on disposal of RM1.5 million ($478,000) – just one year after the commencement of business in September 2018.
In a regulatory filing on Wednesday, the group says that its wholly-owned Indonesian subsidiary PT Quick Service Restaurant has entered into a sale and purchase agreement to sell the six Texas Chicken outlets in Indonesia – including the master franchise agreement, all the fixtures and fittings, kitchen equipment, deposits and prepayments – to PT Quick Serve Indonesia.
The purchaser is the franchisee of Texas Chicken in Indonesia for the territory of Surabaya.
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